What is Zacks Research’s Forecast for OXY Q3 Earnings?

Occidental Petroleum Co. (NYSE:OXY) – Zacks Research cut their Q3 2024 earnings estimates for shares of Occidental Petroleum in a research note issued on Tuesday, October 29th. Zacks Research analyst J. Saha now expects that the oil and gas producer will post earnings of $0.83 per share for the quarter, down from their previous forecast of $0.86. The consensus estimate for Occidental Petroleum’s current full-year earnings is $3.31 per share. Zacks Research also issued estimates for Occidental Petroleum’s Q4 2024 earnings at $0.91 EPS, FY2024 earnings at $3.41 EPS, Q1 2025 earnings at $1.06 EPS, Q2 2025 earnings at $1.12 EPS, Q3 2025 earnings at $1.06 EPS, Q4 2025 earnings at $0.94 EPS, FY2025 earnings at $4.17 EPS, Q1 2026 earnings at $1.05 EPS, Q2 2026 earnings at $1.17 EPS, Q3 2026 earnings at $1.07 EPS and FY2026 earnings at $4.22 EPS.

OXY has been the topic of several other research reports. The Goldman Sachs Group initiated coverage on shares of Occidental Petroleum in a research note on Wednesday, October 2nd. They set a “neutral” rating and a $55.00 target price on the stock. Barclays decreased their target price on shares of Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. StockNews.com lowered shares of Occidental Petroleum from a “hold” rating to a “sell” rating in a research note on Saturday, October 5th. Mizuho cut their target price on shares of Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating on the stock in a research note on Monday, September 16th. Finally, Wells Fargo & Company cut their target price on shares of Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating on the stock in a research note on Friday, September 27th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $65.72.

Occidental Petroleum Price Performance

Shares of NYSE OXY opened at $50.18 on Thursday. The firm has a market cap of $45.44 billion, a PE ratio of 12.36 and a beta of 1.57. The firm has a fifty day moving average of $53.09 and a 200 day moving average of $58.83. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.75 and a current ratio of 1.04. Occidental Petroleum has a one year low of $49.75 and a one year high of $71.18.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 EPS for the quarter, topping the consensus estimate of $0.77 by $0.26. The company had revenue of $6.88 billion during the quarter, compared to analyst estimates of $6.93 billion. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. The firm’s revenue was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.68 EPS.

Insider Activity

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the completion of the sale, the insider now directly owns 165,681,578 shares of the company’s stock, valued at $5,923,116,413.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.48% of the company’s stock.

Institutional Investors Weigh In On Occidental Petroleum

Several hedge funds have recently modified their holdings of OXY. American Century Companies Inc. raised its position in Occidental Petroleum by 16.8% in the second quarter. American Century Companies Inc. now owns 3,707,555 shares of the oil and gas producer’s stock worth $233,687,000 after acquiring an additional 532,318 shares in the last quarter. Epoch Investment Partners Inc. raised its position in Occidental Petroleum by 20.1% in the second quarter. Epoch Investment Partners Inc. now owns 1,661,231 shares of the oil and gas producer’s stock worth $104,707,000 after acquiring an additional 277,462 shares in the last quarter. National Pension Service raised its position in Occidental Petroleum by 9.4% in the third quarter. National Pension Service now owns 1,556,461 shares of the oil and gas producer’s stock worth $80,220,000 after acquiring an additional 133,546 shares in the last quarter. Himalaya Capital Management LLC purchased a new position in Occidental Petroleum in the second quarter worth $92,433,000. Finally, Cooke & Bieler LP raised its position in Occidental Petroleum by 53.1% in the second quarter. Cooke & Bieler LP now owns 1,450,064 shares of the oil and gas producer’s stock worth $91,398,000 after acquiring an additional 503,173 shares in the last quarter. 88.70% of the stock is owned by institutional investors and hedge funds.

About Occidental Petroleum

Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, and North Africa. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.